**SCHEDULE 7** 

 **INSURANCE REQUIREMENTS** 

  




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| 1.1 | **Types of Insurance**  |

  

 The Insurance required to be maintained are as follows: 

  




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|   | (a) | **Hull All Risks** of loss or damage while flying, taxiing and on the ground with respect to the Aircraft on an agreed value basis for the Agreed Value and with a deductible not
exceeding the Deductible Amount;  |

  




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|   | (b) | **Hull War and Allied Perils**, being such risks excluded from the Hull All Risks Policy, in accordance with London form LSW-555B (as in effect on July 1, 2003) or its equivalent
form, including confiscation and requisition by the State of Registry on an Agreed Value Basis for the Agreed Value and with a deductible not exceeding the Deductible Amount;  |

  




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|   | (c) | **All Risks** (including War Risks and Allied Perils) spares insurance on all Engines when removed from the Aircraft and replaced by another engine on an “agreed value”
basis for the Engine Agreed Value and including engine test and running risks;  |

  




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|   | (d) | **Spares Insurance on Parts** when removed from the Aircraft and replaced on a replacement basis otherwise known as actual cash value; and  |